This post is part of a series sponsored by AgentSync.
Happy New Year! You’ve enjoyed the end of the holiday season glut. Now you’re looking for ways to tighten those processes, and what better way to start the year off right than with compliance resolutions?
Sure, 99 percent of resolutions fail (or some other made-up stat, probably). But with the help of AgentSync, these are easy to maintain and well worth the effort!
Is the time. Strike a new pose, turn a leaf, and buckle up, because these are the best compliance resolutions for the coming year for those of us tasked with maintaining licenses or producer appointments.
Without any more preambles:
1. We will not face compliance with recruiting and sales.
Silos! Silos everywhere! data silos they are turning their compliance and recruiting or sales teams into a modern Capulet vs. Montague showdown. You know how it goes. A producer calls their recruiter for details on how long it will be until they are fully integrated, triggering a series of pressure-packed emails and calls to the compliance department, which is waiting for confirmation from the insurance department or verification of background to return.
Cut it! Use compliance software to provide all teams with information about the process and to make licensing or naming more automatic. The bottom line: Realignment of your teams to be on the same team.
2. We will reduce the number of systems our team has to turn to
Click. Click. Click. Clickity-clickity-click. That’s the sound of a compliance process that requires your team to transition from one software to another rather than being able to run a single end-to-end function within a software ecosystem. If you have a compliance solution that integrates well with your other technology and regulatory sources, you can provide everyone with a single source of license and citation data.
3. We will stop requiring copies of paper licenses
At this point, everyone in the industry should be relying on the real-time data provided by the National Registry of Producer Information. However, some operators (and therefore their downstream MGA, MGU, or agency partners) still require a paper license, even if that paper copy of a license does not accurately reflect the current reality of a producer or adjuster. It’s time to move on from paper.
4. We will use data to identify bottlenecks in our onboarding process
Every process, even a fairly efficient one, will have bottlenecks. How many there are? How long are they? What are its negative consequences? These are the questions that deserve data-backed answers. Whether you have a grower management software solution, are searching for one, or are simply evaluating how you’re doing, identifying bottlenecks and putting data points on them is a worthwhile exercise in the pursuit of excellence. .
5. We will turn our agent experience into a conduit to create raving fans
Just because it’s in the compliance department doesn’t mean it’s not impacting the agent experience. In fact, from what we’ve seen, the fulfillment experience can make or break a company’s relationship with an agent. So if you want to show that your team meets the bottom line, make 2023 about cultivate a reputation for excellence with your agentseven while covering all the compliance bases.
6. We will not be one of those teams that invest in technology just to say that they invested in technology
You know what we mean. We’ve all seen companies invest money in software that underperforms, doesn’t meet their needs, or never reaches full implementation, all in the name of advanced technology. But that’s not your team. Not this year. You will be intentional, work with the best, and only embrace technology that can:
- Integrate up and down your entire software stack
- Automate time-consuming processes
- Solve your real needs with real-time data
7. We will make sure insurance agents follow through on every sale
In the coming year, you are not going to guess compliance. You’re not going to call accounting to talk about how to balance the erroneous commission payments. You’re not going to agonize over the three months your license expired in Oklahoma before anyone noticed.
However, You’ll get compliance software that ensures every sale is fulfilled by a properly licensed and designated producer every time.. Go away!
8. We will not make humans spend days rewriting things
The reality is that 2023 could be tighter at your company. But that doesn’t have to mean burnout, as long as you work smarter, not harder.
Compliance software that integrates data across systems can stop the type, type, and re-type that all too often comes with adding or maintaining producer and adjuster information. The reality is that as insurance becomes a more agile industry, you probably want your people to spend much more time doing work that requires hands-on attention, skill, and developed knowledge. Even simple autofill forms can save hours of work over the course of a week, hours that can be dedicated to other things like build relationships, fill in the gaps in thought-based work, and just take a break to avoid burning your talent
9. We will use our data to drive informed business decisions
Data-driven business decision making has been a powerful phrase that, too often, is just aspirational. You can give it power by using software solutions that actually deliver this resolution with data from your usage: not a best case scenario or a set of assumptions, but actual timelines with actual producers.
With the right grower licensing software, you can also pull data from NIPR to understand what states your growers are licensed in, what lines of business they’re licensed in, and what carriers they quote with. That way, you can make business decisions about expanding your distribution partners or finding new sales territory of least resistance. all based on data points collected from your own system.
10. Spend your time with people, not processes
Honestly, we should rename this “take a vacation.” The real reality of manual processes for compliance is that you and your team spend a lot of time clicking through a computer just trying to check a box and make sure the information in different systems matches up. Whether you can better harness that brainpower for other things in your business, or whether you could simply have the time to take a break, talk to people at your company, have a hobby, and meet someone… Spend less Time in compliance doesn’t have to mean taking risks. With modern producer compliance management solutions, you can have a higher standard of compliance than ever before while spending less time doing tick-tacky work.
Ten resolutions may seem like a lot, but modern producer management solutions like AgentSync can automate processes that don’t require human attention and fully integrate your data into your systems to end data re-entry and duplicate entries.
If you’re ready to see how AgentSync can help you keep these resolutions (and spend more time on personal ones about growth and development), schedule your demo today.
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